Eurozone Inflation Poised For New Record High As Recession Looms
/*jshint esversion: 6 */
var socket;
var assigned_server = 3001;
var distributor_server = 3010;
var publisher_channel = '';
var broadcaster_channel = '';
var remote_ip = '';
var session_info = {};
var logging_interval;
var logging_interval_time = 120000;
var socket_emits = 0;
var session_start_time;
var reconnectionDelayGrowFactor = 1.2;
var reconnection_delay = 1000;
var playing = false;
var connected_to_assigned = false;
var socket_close_timeout;
var player_disconnected_annoucement_play_delay = 1500;
var player_disconnected_annoucement_play_timeout = null;
const TOKEN_ENDPOINT = "https://www.livesquawk.com/api/get_token.php";
self.onmessage = function (msg) {
switch(msg.data.action) {
case 'Reactivate': reactivate(); break;
case 'ConnectDistributor': connect_to_distributor(msg); break;
case 'SessionStaticInfo': session_static_info(msg); break;
case 'SessionInfo': update_session_info(msg.data); break;
case 'PauseLogging': clearTimeout(logging_interval); break;
case 'RestartLogging': postMessage({action: 'RequestSessionStaticInfo' }); break;
case 'JoinPublisherChannel': join_publisher_channel(msg.data); break;
case 'JoinPlayerChannel': join_player_channel(msg.data); break;
case 'CheckChannelStatus': check_channel_status(msg.data); break;
case 'PlayerLogResponse': player_log_response(msg.data); break;
case 'CloseSocket': close_socket(); break;
case 'RequestMessageSearch': request_message_search(msg.data); break;
case 'RequestMoreMessages': request_more_messages(msg.data); break;
case 'PlayerDisconnectedAnnoucementTimeoutStart': player_disconnected_annoucement_timeout_start(); break;
case 'PlayerDisconnectedAnnoucementTimeoutClear': player_disconnected_annoucement_timeout_clear(); break;
case 'GetConnectionState': checkSocketConnectionState(); break;
}
};
function player_disconnected_annoucement_timeout_clear() {
clearTimeout(player_disconnected_annoucement_play_timeout);
player_disconnected_annoucement_play_timeout = null;
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function player_disconnected_annoucement_timeout_start() {
player_disconnected_annoucement_play_timeout = setTimeout(function() { send_play_disconnect_annoucement(); }, player_disconnected_annoucement_play_delay );
}
function send_play_disconnect_annoucement() {
postMessage({action: "PlayDisconnectAnnoucement"});
}
function reactivate() {
playing = false;
connect_to_assigned_server();
}
function player_log_response(data) {
var data_array = {};
data_array.type = 'PlayerLogResponse';
data_array.respond_to_socket_final = data.respond_to_socket_final;
data_array.respond_to_socket = data.respond_to_socket;
data_array.player_socket_id = data.player_socket_id;
data_array.logs = data.logs;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function request_message_search(data) {
var data_array = {};
data_array.type = 'request_message_search';
data_array.publisher_channel = data.publisher_channel;
data_array.search_term = data.search_term;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function request_more_messages(data) {
var data_array = {};
data_array.type = 'request_more_messages';
data_array.publisher_channel = data.publisher_channel;
data_array.last_record_id = data.last_record_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function check_channel_status(data) {
var data_array = {};
data_array.type = 'check_channel_status';
data_array.app_name = data.app_name;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1 && connected_to_assigned) { socket.send(msg_string); }
else { setTimeout(function() { check_channel_status(data); },500); }
}
function check_channel_status_response(data) {
postMessage({ action: 'CheckChannelStatusReponse', stream_status: data.stream_status.status, onair: data.stream_status.onair, connected: data.stream_status.connected });
}
async function join_publisher_channel(data) {
if (typeof data.jwt_token === 'string' && data.jwt_token !== '') {
if (!socket || socket.readyState !== WebSocket.OPEN) {
console.warn("[Page worker] JWT join skipped: socket not open");
return;
}
socket.send(JSON.stringify({
type: "join_publisher_channel",
jwt_token: data.jwt_token,
publisher_channel: data.publisher_channel,
username: data.username,
subscriber_group: data.subscriber_group,
display_name: data.display_name,
single_sign_on: data.single_sign_on,
remote_ip: data.remote_ip,
http_referrer: data.http_referrer,
current_page: data.current_page,
php_session_id: data.php_session_id,
from_react: data.from_react,
...(typeof data.api_key === "string" && data.api_key.trim() !== "" ? { api_key: data.api_key } : {}),
}));
console.log("[Page worker] Sent supplied JWT join");
postMessage({ action: 'PublisherChannelJoined' });
return;
}
const joinSocket = socket; if (!joinSocket || joinSocket.readyState !== WebSocket.OPEN) { return; }
const apiKey = typeof data.api_key === "string" ? data.api_key.trim() : "";
const partnerName = partnerFromCurrentPage(data.current_page);
let tokenBody;
if (apiKey !== "") { tokenBody = { api_key: apiKey }; }
else if (partnerName) { tokenBody = { partner_name: partnerName }; }
else { tokenBody = { username: data.username || "", publisher_channel: data.publisher_channel || "", }; }
let jwtToken = null;
try {
const requestStartedAt = Date.now();
const response = await fetch(TOKEN_ENDPOINT, {
method: "POST",
headers: { "Content-Type": "application/json" },
body: JSON.stringify(tokenBody),
credentials: "same-origin",
cache: "no-store",
});
if (!response.ok) {
throw new Error(`token endpoint returned ${response.status}`);
}
const tokenData = await response.json();
if ( !tokenData || typeof tokenData.token !== "string" || tokenData.token === "" ) {
throw new Error("token endpoint returned no token");
}
const expiresIn = Number(tokenData.expires_in);
if (!Number.isFinite(expiresIn) || expiresIn <= 0) {
throw new Error("token endpoint returned an invalid lifetime");
}
const expiresAt = requestStartedAt + (expiresIn * 1000);
if (expiresAt <= Date.now() + 30000) {
throw new Error("token response has insufficient remaining lifetime");
}
jwtToken = tokenData.token;
}
catch (error) {
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// API-key requests must not silently bypass token authentication.
if (apiKey !== "") { postMessage({ action: "auth_failed" }); return; }
}
// A reconnect during the fetch makes this join attempt obsolete.
if ( socket !== joinSocket || joinSocket.readyState !== WebSocket.OPEN ) { return; }
const payload = {
type: "join_publisher_channel",
publisher_channel: data.publisher_channel,
username: data.username,
subscriber_group: data.subscriber_group,
display_name: data.display_name,
single_sign_on: data.single_sign_on,
remote_ip: data.remote_ip,
http_referrer: data.http_referrer,
current_page: data.current_page,
php_session_id: data.php_session_id,
from_react: data.from_react,
};
if (apiKey !== "") { payload.api_key = apiKey; }
if (jwtToken) { payload.jwt_token = jwtToken; }
console.log( jwtToken ? "[Page worker] Sending fetched JWT with legacy details" : "[Page worker] Sending legacy join without JWT" );
joinSocket.send(JSON.stringify(payload));
postMessage({ action: "PublisherChannelJoined" });
}
function partnerFromCurrentPage(current_page) {
try {
if (!current_page) return '';
const fullUrl = current_page.startsWith('http') ? current_page : `https://${current_page}`;
return new URL(fullUrl).searchParams.get('partner_name') || '';
} catch (e) { return ''; }
}
function session_static_info(msg) {
set_static_session_info(msg.data);
start_log();
}
function connect_to_distributor(msg) {
publisher_channel = msg.data.publisher_channel;
remote_ip = msg.data.remote_ip;
socket = new WebSocket("wss://ws.livesquawk.com/ws"+distributor_server);
socket.onopen = function(event) { request_server_assignment(); };
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
switch(data.type) {
case 'server_assignment_response': server_assignment_response(data); break;
}
};
}
function session_info_interval() {
postMessage({action: 'RequestSessionInfo' });
logging_interval = setTimeout(session_info_interval,logging_interval_time);
}
function server_assignment_response(data) {
assigned_server = data.selected_server;
socket.close();
connect_to_assigned_server();
}
function request_server_assignment() {
var data_array = {};
data_array.type = 'request_server_assignment';
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function connect_to_assigned_server() {
socket = new WebSocket("wss://ws.livesquawk.com/ws"+assigned_server);
socket.onopen = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "Connected to server "+assigned_server });
console.log("Connected to server "+assigned_server);
postMessage({ action: 'ConnectedToAssigned' });
connected_to_assigned = true;
if (playing) {
postMessage({ action: 'RejoinPlayerChannel' });
}
};
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
if (data.type != 'server_ping') { /* console.log(data.type); */ }
switch(data.type) {
case 'reconnect': postMessage({ action: 'VisibleConsole',console_string: "Reconnected" }); break;
case 'reload': postMessage({ action: 'Reload' }); break;
case 'start_log_response': start_log_response(data); break;
case 'application_refresh_start': application_refresh_start(data); break;
case 'application_refresh_stop': application_refresh_stop(data); break;
case 'player_log_request':
case 'check_channel_status_response': check_channel_status_response(data); break;
case 'PlayerLogRequest':
case 'new_tweet':
case 'new_latest_news':
case 'delete_report':
case 'add_report':
case 'add_ref_doc':
case 'calendar_change':
case 'calendar_insert':
case 'calendar_delete':
case 'new_note':
case 'AppStart':
case 'AppStop':
case 'BroadcasterStarted':
case 'BroadcasterStopped':
case 'added_cme_report':
case 'updated_cme_report':
case 'added_cme_commentary':
case 'updated_cme_commentary':
case 'server_assignment_response':
case 'initial_messages':
case 'message_categories':
case 'more_messages':
case 'matched_messages':
pass_straight_to_post_message(data);
break;
case 'output':
case 'server_ping':
case 'reconnect':
case 'disconnect':
break;
}
};
socket.onerror = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "LS Socket Error" + event.type });
console.log(event);
postMessage({ action: 'LSSocketConnectionError' });
};
socket.onclose = function(event) {
console.log('Socket is closed. Reconnect will be attempted in 1 second.', event.reason);
socket_close_timeout = setTimeout(connect_to_assigned_server, reconnection_delay);
reconnection_delay = reconnection_delay*reconnectionDelayGrowFactor;
connected_to_assigned = false;
};
}
function checkSocketConnectionState() {
postMessage({ action: 'SocketConnectionState', connected: Boolean(socket && socket.readyState === WebSocket.OPEN && connected_to_assigned ), });
}
function close_socket() {
clearTimeout(socket_close_timeout);
socket_close_timeout = null;
socket.onclose = function(event) {};
socket.onmessage = function(event) {};
socket.onerror = function(event) {};
socket.close(1000);
console.log('Socket Closed');
}
function pass_straight_to_post_message(data) {
data.action = data.type;
postMessage(data);
}
function join_player_channel(data) {
var data_array = {};
data_array.type = 'join_player_channel';
data_array.player_channel = data.player_channel;
data_array.remote_ip = data.remote_ip;
data_array.username = data.username;
data_array.app_name = data.app_name;
data_array.onair_status = data.onair_status;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
postMessage({action: 'PlayerChannelJoined' });
playing = true;
}
function start_log_response(data) {
session_info.session_id = data.log_record_id;
session_info_interval();
}
function application_refresh_start(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStart' }); }
}
function application_refresh_stop(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStop' }); }
}
function set_static_session_info(data) {
session_info.browser_codename = data.browser_codename;
session_info.browser_name = data.browser_name;
session_info.user_agent = data.user_agent;
session_info.browser_version = data.browser_version;
session_info.cookies_enabled = data.cookies_enabled;
session_info.platform = data.platform;
session_info.player_version = data.player_version;
session_info.stream = data.stream;
session_info.connection_protocol = data.protocol;
session_info.delay_target = data.delay_target;
session_info.session_email = data.session_email;
session_info.remote_ip = data.remote_ip;
session_info.php_session_id = data.php_session_id;
session_info.application_name = data.application_name;
session_info.http_referrer = data.http_referrer;
}
function start_log() {
var session_start_date = new Date();
session_start_time = session_start_date.getTime();
var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec'];
var session_start_date_string = session_start_date.getDate() + " " + months[session_start_date.getMonth()] + " " + session_start_date.getFullYear();
var data_array = {};
data_array.type = 'webrtc_start_log';
data_array.remote_ip = session_info.remote_ip;
data_array.username = session_info.session_email;
data_array.php_session_id = session_info.php_session_id;
data_array.webrtc_protocol = '';
data_array.session_start_time = (session_start_time/1000).toFixed(0);
data_array.stream_name = session_info.stream;
data_array.session_start_date = session_start_date_string;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function update_session_info(data) {
var data_array = {};
var msg_string = '';
var current_date = new Date();
var current_time = current_date.getTime();
session_info.protocol = data.protocol;
session_info.curr_delay = (data.effective_latency / 1000).toFixed(2);
session_info.session_length = current_time - session_start_time;
session_info.ping_time = data.ping_time;
session_info.jitter = data.jitter;
session_info.packet_loss = data.packet_loss;
session_info.effective_latency = data.effective_latency;
session_info.mean_opinion_score = data.mean_opinion_score;
session_info.restarts = data.restarts;
if (socket_emits == 0) {
data_array = {};
data_array.type = 'webrtc_log_data_full';
data_array.connection_protocol = session_info.protocol;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.browser_codename = session_info.browser_codename;
data_array.browser_name = session_info.browser_name;
data_array.user_agent = session_info.user_agent;
data_array.browser_version = session_info.browser_version;
data_array.cookies_enabled = session_info.cookies_enabled;
data_array.platform = session_info.platform;
data_array.player_version = session_info.player_version;
data_array.stream = session_info.stream;
data_array.restarts = session_info.restarts;
data_array.delay_target = 0;
data_array.op_sys = '';
data_array.flash_version = '';
data_array.remote_ip = session_info.remote_ip;
data_array.http_referrer = session_info.http_referrer;
data_array.php_session_id = session_info.php_session_id;
data_array.user_email = session_info.session_email;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.session_id = session_info.session_id;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
else {
data_array = {};
data_array.type = 'webrtc_log_data';
data_array.session_id = session_info.session_id;
data_array.php_session_id = session_info.php_session_id;
data_array.connection_protocol = session_info.protocol;
data_array.restarts = session_info.restarts;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.stream = session_info.stream;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
socket_emits++;
if (socket_emits == 100) { socket_emits = 0; }
}
- Annual headline CPI forecast at 9.0% (prev 8.9%)
- Y/Y core rate seen rising to record 4.1% (prev 4.0%)
- German EU inflation rate matches estimates
- Inflation forecasts climb as growth worries continue
- Data due Wednesday at 09:00 GMT (11:00 CET)
By Eric Culp, European Editor
LiveSquawk News
@EricCulpLS
30 August 2022 | 12:05 GMT
Eurozone inflation is expected to edge higher to yet another record this month, with the core rate also projected to exceed its all-time high as energy price spikes continue to rattle markets, central banks, and macroeconomists.
A survey of economists said headline annual consumer price growth in the euro area was expected to tick up to the psychologically significant mark of 9.0% from the 8.9% record set just last month.
The core rate was projected at 4.1%, which would also be a new high, versus the current record of 4.0% announced in July.
Expected rates for headline inflation varied from 8.5% to 9.4%, according to polls of economists, with Michael Hewson, chief market analyst at CMC markets UK warning of much worse. “This week’s flash numbers for August could see EU CPI push above 10% given what we’ve seen in energy prices, and more specifically natural gas prices over the past few weeks. In Germany, PPI surged to a record high of 37.2% in July, which means that its more than likely this will feed into higher headline rates over the coming months.”
Germany, Europe’s largest economy, said Tuesday that its first estimate for EU-harmonised inflation in August rose to 8.8% -- the market forecast – from 8.5% in July.
Spain kicked off August’s preliminary inflation reporting from Europe’s four biggest economies earlier Tuesday by announcing a decline in line with expectations to 10.3% from 10.7%. French inflation scheduled for release Wednesday morning was forecast at 6.7%, which would be down a tenth of a percentage point from July. Italian EU harmonised inflation, due concurrently with the Eurozone number, is expected to slip to 8.3% from 8.4%.
More of the ‘R’ word
Whatever direction price growth moves this month may have little import. In recent weeks, many economists have warned that inflation in the single currency area is expected to stay higher for longer than previously forecast as the effects of the Ukraine War and Moscow’s natural gas policies continue to drive energy prices.
“The surge in natural gas prices amid supply concerns this week piled on the economic gloom for the Eurozone and we have revised our growth forecasts down further,” Capital Economics announced last week. “But price pressures remain intense and will not be helped by the strength of wage increases that are being seen in collective pay agreements this year.”
The dual pressure of high inflation and weaker growth continues to pressure policymakers at the European Central Bank, who are scheduled to announce their latest interest rate decision next week. Members of the governing council are reportedly considering hikes as high as 75 basis points.
“As energy costs have risen massively in Europe, the recession in the Eurozone is likely to have already started in the current third quarter,” VP Bank wrote on Tuesday. “Looking at the development of the German Ifo business climate index, there is no doubt about this.”